MANAMA: Bahrain-based Islamic International Rating Agency (IIRA) has assigned Sharia Quality Rating of AA to Dawood Islamic Bank.
The rating on the Pakistan-based bank reflects IIRA's opinion that the bank conforms to very high standards of Sharia compliance in all aspects of Sharia quality analysis.
The bank commenced operations in April 2007 with the vision to provide Sharia- compliant financial solutions to all segments of an increasing Sharia conscious business and consumer society.
It has implemented approved procedures and a manual for Sharia compliance, audit and control.
It has also been committed in providing training in Islamic banking to its employees to ensure they have fair knowledge of Sharia aspects of the products.
A significant portion of bank's assets consists of Mudarabah, Ijarah and Musharakah based transactions.